Since the US Securities and Exchange Commission has sued Ripple and its two executives, CEO Brad Garlinghouse and co-founder Christian Larsen, countless XRP retail holders have been affected. According to Coin Metrics, the number of wallets holding oversized XRP have also fallen from 1721 to 1567.
The firm is trying to negotiate with SEC to settle the matter, as disclosed by Ripple CEO Brad Garlinghouse. In a Twitter thread, Garlinghouse said, “Can’t get into specifics, but know we tried—and will continue to try [with] the new administration—to resolve this in a way so the XRP community can continue innovating, consumers are protected and orderly markets are preserved.”
While responding about paying crypto exchanges in order to list XRP, Garlinghouse said, “Ripple has no control over where XRP is listed, who owns it, etc.”
Exchanges to Discontinue XRP Trading
The US Securities and Exchange Commission lawsuit affirms that Ripple has raised unregistered securities offerings. It further added, “the defendants failed to register their offers and sales of XRP or satisfy any exemption from registration, in violation of the registration provisions of the federal securities laws.”
In the wake of the enforcement action, numerous exchanges, including Coinbase, Bitstamp, Beaxy, CrossTower, OKCoin, and Binance, have stopped XRP deposit and withdrawal services. As of result, the price of XRP has plummeted by more than 50% over the past few weeks. According to data from CoinMarketCap, the price of XRP fell from $0.60 to as low as $0.17.